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PS 1 - Q D = 10000 – 40P and the SUPPLY of KISS tickets...

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Economics 1 Sections 114-118 Problem Set 1 Instructor: Professor Gunter TA: Christopher Zwicker You are a market analyst for Ticketmaster™, and you are tasked to help find the most efficient or optimum PRICE and QUANTITY to set for KISS tickets at the Stabler Arena. From data gathered about past performances of KISS in Southeast PA, you calculate the DEMAND for KISS tickets to be:
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Unformatted text preview: Q D = 10000 – 40P and the SUPPLY of KISS tickets is: Q S = -200 + 62P 1. Find the Equilibrium PRICE (P*) and Quantity(Q*) 2. Find the TOTAL REVENUE from ticket sales 3. Estimate CONSUMER SURPLUS. 4. If KISS held a free concert in Bethlehem, how many people would come? 5. How much would you pay for a KISS ticket? What quantity would Ticketmaster™ sell at that price?...
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